- ETH price dropped by 31.47% in a month, hitting $1,451 as whale sell offs and urgent liquidations push the market downward.
- One whale sold ETH at a $40M loss to repay debt, indicating high risk leverage and deep market stress.
- RSI at 24.05 and MACD divergence confirm extreme bearish sentiment with no signs of recovery or strong buying.
Ethereum is facing heavy selling pressure, with whales offloading large amounts of ETH at high losses. On April 9, at the time of publication, ETH dropped to $1,451, down by 8.11% over the past 24 hours. The digital asset has declined by 22.51% in the past week and 31.47% in the last month.
Market cap fell to $174.76 billion, an 8.33% drop, while the 24 hour volume declined by 2.90% to $29.14 billion. These sharp losses followed a number of notable whale transactions, suggesting urgent liquidations as the market is uncertain.
According to Onchain Lens, one whale moved 500 ETH worth $708,700 to Kraken after two years of dormancy. Despite the deposit, the whale had a loss of $166,000 on this portion of the holdings.
Ethereum Whale Transactions and Liquidation Pressure
The same whale initially withdrew 2,225 ETH, worth $3.34 million, from Bittrex between July 2022 and April 2023. The average withdrawal price was at $1,504 per ETH, which is above current levels.
Currently, the whale still holds 1,725 ETH valued at $2.47 million. However, this case is not isolated. Lookonchain reported that another whale sold 5,094 ETH, worth $7.5 million, at $1,471 on April 9. This move was aimed at repaying debt.
The whale had previously borrowed $80.91 million in USDT to buy 26,235 ETH at $3,084 on July 5, 2024. On March 11, the same whale offloaded 25,800 ETH at $1,853, receiving $47.8 million to repay a portion of the debt. The estimated realized loss from these transactions is nearly $40 million.
Bearish Momentum and Weak Ethereum Demand
Ethereum’s price shows a persistent downtrend since late 2024. The coin is posting lower highs and lower lows. Today, ETH opened at $1,473, reached a high of $1,496, and touched a low of $1,385.
The RSI is at 24.05, far below the oversold level of 30, showing extreme bearish sentiment. Despite this, momentum is fragile, with no signs of a sustainable reversal. The MACD further confirms the bearish trend.
The MACD line is at -151.92, well under the signal line at -120.54. The histogram reading of -31.38 supports continued downward pressure Volume trends also show limited buyer activity.
Ethereum’s trading volume hit 784,020 ETH, but the pattern remains flat. Occasional spikes are evident, yet there is no consistent surge suggesting strong accumulation. The absence of buying strength keeps bearish momentum intact.
Netflows Indicate Ethereum Accumulation
The exchange netflow data between mid June and early April primarily indicates an outgoing movement of funds. The observed negative flow patterns throughout these periods tend to indicate investors either buying to hold or building up positions. Dramatic outflows totaling $200 million started in July before the financial industry reported another massive withdrawal worth over $350 million in December.
Positive exchange netflows occurred in two brief intervals, as the data shows in late July and early December. Investors deposited funds amounting to $400 million during the studied period, which indicates usage for selling activities. The substantial withdrawal of funds did not result in ETH prices increasing. ETH reached its highest value above $4,000 in December before starting a quick downward trend during mid-January.
The market returned to the $1,700 price area during the initial weeks of April. Exchange withdrawals have not stabilized the market because ETH prices keep decreasing after the most recent drop at $1,451. Investors who withdraw ETH from exchanges have not generated enough upward price momentum according to the current market conditions.
There are 120.67 million ETH in total and circulating supply and the market capitalization and fully diluted valuation exactly match at $174.64 billion. Current market dynamics are resistant to change because the volume to market cap ratio stands at 16.71%. This data shows medium liquidity levels.
